Correlation Between Sanbo Hospital and Hunan Mendale
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By analyzing existing cross correlation between Sanbo Hospital Management and Hunan Mendale Hometextile, you can compare the effects of market volatilities on Sanbo Hospital and Hunan Mendale and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Sanbo Hospital with a short position of Hunan Mendale. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Hunan Mendale.
Diversification Opportunities for Sanbo Hospital and Hunan Mendale
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Sanbo and Hunan is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Hunan Mendale Hometextile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan Mendale Hometextile and Sanbo Hospital is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Sanbo Hospital Management are associated (or correlated) with Hunan Mendale. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan Mendale Hometextile has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Hunan Mendale go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Hunan Mendale
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to under-perform the Hunan Mendale. But the stock apears to be less risky and, when comparing its historical volatility, Sanbo Hospital Management is 2.4 times less risky than Hunan Mendale. The stock trades about -0.22 of its potential returns per unit of risk. The Hunan Mendale Hometextile is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 319.00 in Hunan Mendale Hometextile on October 21, 2024 and sell it today you would lose (18.00) from holding Hunan Mendale Hometextile or give up 5.64% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Hunan Mendale Hometextile
Performance |
| Timeline |
| Sanbo Hospital Management |
| Hunan Mendale Hometextile |
Sanbo Hospital and Hunan Mendale Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Hunan Mendale
The main advantage of trading using opposite Sanbo Hospital and Hunan Mendale positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Hunan Mendale can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Hunan Mendale will offset losses from the drop in Hunan Mendale's long position.| Sanbo Hospital vs. Industrial and Commercial | Sanbo Hospital vs. Agricultural Bank of | Sanbo Hospital vs. China Construction Bank | Sanbo Hospital vs. Bank of China |
| Hunan Mendale vs. Ningxia Building Materials | Hunan Mendale vs. China Aluminum International | Hunan Mendale vs. Cangzhou Mingzhu Plastic | Hunan Mendale vs. Chongqing Shunbo Aluminum |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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